Okla. Stat. tit. 59, § 59-2095.6

Fees.

A. Applicants for a license shall apply on a form as prescribed

by the Administrator of Consumer Credit.

B. In order to fulfill the purposes of the Oklahoma Secure and

Fair Enforcement for Mortgage Licensing Act, the Administrator is

authorized to establish relationships or contracts with the

Nationwide Multistate Licensing System and Registry or other

entities designated by the Nationwide Multistate Licensing System

and Registry to collect and maintain records and process transaction

fees or other fees related to licensees or other entities or

individuals subject to the Oklahoma Secure and Fair Enforcement for

Mortgage Licensing Act.

C. In connection with an application for licensing as a

mortgage loan originator, the applicant shall, at a minimum, furnish

to the Nationwide Multistate Licensing System and Registry

information concerning the applicant’s identity including:

1. Fingerprints for submission to the Federal Bureau of

Investigation and any governmental agency or entity authorized to

receive such information for a state, national and international

criminal history background check; and

2. Personal history and experience in a form prescribed by the

Nationwide Multistate Licensing System and Registry and the

Administrator to obtain:

a. an independent credit report obtained from a consumer

reporting agency defined in 15 U.S.C., Section

1681a(p), and

b. information related to any administrative, civil or

criminal findings by any governmental jurisdiction.

Oklahoma Statutes - Title 59. Professions and Occupations Page 1446

D. In connection with an application for licensing as a

mortgage broker or mortgage lender, the applicant shall, at a

minimum, furnish to the Nationwide Multistate Licensing System and

Registry information concerning each owner, officer, director or

partner, as applicable including:

1. Fingerprints for submission to the Federal Bureau of

Investigation and any governmental agency or entity authorized to

receive such information for a state, national and international

criminal history background check; and

2. Personal history and experience in a form prescribed by the

Nationwide Multistate Licensing System and Registry and the

Administrator to obtain:

a. an independent credit report obtained from a consumer

reporting agency described in 15 U.S.C., Section

1681a(p), and

b. information related to any administrative, civil or

criminal findings by any governmental jurisdiction.

E. For purposes of this section and in order to reduce points

of contact which the Federal Bureau of Investigation may have to

maintain for purposes of paragraph 1 and subparagraph b of paragraph

2 of subsection D of this section, the Administrator may use the

Nationwide Multistate Licensing System and Registry as a channeling

agent for requesting information from and distributing information

to the United States Department of Justice or any governmental

agency.

F. For the purposes of this section and in order to reduce the

points of contact which the Administrator may have to maintain for

purposes of subparagraphs a and b of paragraph 2 of subsection D of

this section, the Administrator may use the Nationwide Multistate

Licensing System and Registry as a channeling agent for requesting

and distributing information to and from any source so directed by

the Administrator.

G. A license issued under the Oklahoma Secure and Fair

Enforcement for Mortgage Licensing Act shall be valid for a period

of one (1) year, unless otherwise revoked or suspended by the

Administrator as provided in the Oklahoma Secure and Fair

Enforcement for Mortgage Licensing Act.

H. The Administrator, on determining that the applicant is

qualified and upon payment of the fees by the applicant, shall issue

a license to the applicant. An applicant who has been denied a

license may not reapply for the license for sixty (60) days from the
therwise revoked or suspended by the

Administrator as provided in the Oklahoma Secure and Fair

Enforcement for Mortgage Licensing Act.

H. The Administrator, on determining that the applicant is

qualified and upon payment of the fees by the applicant, shall issue

a license to the applicant. An applicant who has been denied a

license may not reapply for the license for sixty (60) days from the

date of the previous application. A new license issued on or after

November 1 shall be effective through December 31 of the following

calendar year.

I. A licensee shall pay the renewal fee on or before December

1. If the license is not renewed by December 1, the licensee shall

pay a late renewal fee as prescribed by rule of the Commission on

Oklahoma Statutes - Title 59. Professions and Occupations Page 1447

Consumer Credit. Licenses not renewed by December 31 shall expire

and the licensee shall not act as a mortgage broker, mortgage lender

or mortgage loan originator until a new license is issued pursuant

to the Oklahoma Secure and Fair Enforcement for Mortgage Licensing

Act. A license shall not be granted to the holder of an expired

license except as provided in the Oklahoma Secure and Fair

Enforcement for Mortgage Licensing Act for the issuance of an

original license.

J. A licensee shall prominently display the mortgage broker,

mortgage lender or mortgage loan originator license in the principal

place of business of the mortgage broker, mortgage lender or

mortgage loan originator and any branch office of the mortgage

broker or mortgage lender.

K. 1. An applicant for a mortgage broker or mortgage lender

license shall pay a fee of One Thousand Two Hundred Dollars

($1,200.00). This fee shall cover the application fee and

examination fee for all registered locations, including any changes

of address.

2. Mortgage broker or mortgage lender licenses may be renewed

by submitting an annual assessment fee. The annual assessment fee

shall:

a. be based on the dollar volume of loans originated for

residential real property located in Oklahoma during

the twelve-month period ending June 30,

b. be based on the dollar volume of loans serviced for

residential real property located in Oklahoma as

reported on the Q2 mortgage call report for the period

ending on June 30,

c. be determined by applying a factor of eight-

thousandths of a percent (0.008%) of the dollar volume

of loans originated and the dollar volume of loans

serviced in Oklahoma, and

d. cover:

(1) the renewal fee for the principal office and any

branches, and

(2) any examination-related costs incurred by the

Department of Consumer Credit.

3. Beginning November 1, 2024, the annual assessment fee shall

not be:

a. less than One Thousand Dollars ($1,000.00),

b. more than Forty Thousand Dollars ($40,000.00) for the

portion of the assessment calculated according to

subparagraph a of paragraph 2 of this subsection, nor

c. more than Seventeen Thousand Five Hundred Dollars

($17,500.00) for the portion of the assessment

calculated according to subparagraph b of paragraph 2

of this subsection.

Oklahoma Statutes - Title 59. Professions and Occupations Page 1448

4. Beginning November 1, 2025, the annual assessment fee shall

not be:

a. less than One Thousand Dollars ($1,000.00),

b. more than Forty Thousand Dollars ($40,000.00) for the

portion of the assessment calculated according to

subparagraph a of paragraph 2 of this subsection, nor

c. more than Twenty-seven Thousand Five Hundred Dollars

($27,500.00) for the portion of the assessment

calculated according to subparagraph b of paragraph 2

of this subsection.

5. Beginning November 1, 2026, the annual assessment fee shall

not be:

a. less than One Thousand Dollars ($1,000.00),

b. more than Forty Thousand Dollars ($40,000.00) for the

portion of the assessment calculated according to

subparagraph a of paragraph 2 of this subsection, nor
0.00) for the portion of the assessment

calculated according to subparagraph b of paragraph 2

of this subsection.

5. Beginning November 1, 2026, the annual assessment fee shall

not be:

a. less than One Thousand Dollars ($1,000.00),

b. more than Forty Thousand Dollars ($40,000.00) for the

portion of the assessment calculated according to

subparagraph a of paragraph 2 of this subsection, nor

c. more than Thirty-five Thousand Dollars ($35,000.00)

for the portion of the assessment calculated according

to subparagraph b of paragraph 2 of this subsection.

6. Beginning November 1, 2027, the annual assessment fee shall

not be:

a. less than One Thousand Dollars ($1,000.00),

b. more than Forty Thousand Dollars ($40,000.00) for the

portion of the assessment calculated according to

subparagraph a of paragraph 2 of this subsection, nor

c. more than Forty Thousand Dollars ($40,000.00) for the

portion of the assessment calculated according to

subparagraph b of paragraph 2 of this subsection.

7. A late renewal fee shall be as prescribed by rule of the

Commission on Consumer Credit.

8. Branch offices shall be registered with the Department and

shall be accompanied by an initial registration fee of One Hundred

Fifty Dollars ($150.00).

9. A fee as prescribed by rule of the Commission on Consumer

Credit shall be charged for each license change, duplicate license

or returned check.

10. A fee as prescribed by rule of the Commission on Consumer

Credit shall be paid by applicants and licensees into the Oklahoma

Mortgage Broker and Mortgage Loan Originator Recovery Fund as

provided for in Section 2095.20 of this title for each initial

application and each renewal application.

11. Each additional trade name used by a licensee shall be

registered with the Department and shall be accompanied by an

initial registration fee of One Hundred Fifty Dollars ($150.00).

12. The Administrator of Consumer Credit may reinstate a

license within thirty-one (31) days of the expiration of the license

if the licensee pays the assessment fees and a reinstatement fee of

Oklahoma Statutes - Title 59. Professions and Occupations Page 1449

Five Hundred Dollars ($500.00). A licensee shall not be reinstated

when the renewal application, fees, or any required information is

received on or after February 1 of the following year that the

renewal application was due.

13. The Administrator may reduce annual assessment fees on a

pro rata basis for a specific renewal period by reducing the factor

applied to the dollar volume of loans originated and serviced. The

Administrator shall notify licensees of an annual assessment fee

reduction prior to November 1 of the specific license renewal

period. An annual assessment fee does not include an initial

license fee for purposes of this subsection.

L. 1. An applicant for an initial mortgage loan originator

license shall pay a fee of Four Hundred Fifty Dollars ($450.00).

2. An applicant renewing a mortgage loan originator license

shall pay a fee of Two Hundred Fifty Dollars ($250.00).

3. A late renewal fee shall be as prescribed by rule of the

Commission on Consumer Credit.

4. A fee as prescribed by rule of the Commission shall be paid

by applicants and licensees into the Oklahoma Mortgage Broker and

Mortgage Loan Originator Recovery Fund, as provided in Section

2095.20 of this title, for each initial application and each renewal

application.